Negotiations on the mutual recognition of national payment systems between Russia and India have entered a new phase. The Deputy Minister of Foreign Affairs noted that this step will significantly simplify the stay of Russian tourists in India, help them better navigate the country, and utilize local services. “This would certainly contribute to an increase in the flow of Russian travelers to India, facilitating their navigation and access to services offered by our Indian partners. We expect this issue, like others, to be successfully resolved. This topic is regularly discussed in our dialogues,” the diplomat emphasized.
Discussions have been ongoing for several years and intensified following the recent meeting between Russian President Vladimir Putin and Indian External Affairs Minister Subrahmanyam Jaishankar. During the talks, the parties discussed key aspects of financial cooperation, including the integration of payment infrastructures.
At the same time, cooperation is developing to integrate instant payment systems—the Russian SBP and the Indian UPI. This will not only make life easier for tourists but also reduce transaction costs for businesses in both countries. Currently, Russian and Indian entrepreneurs are often forced to use intermediaries to process transactions in rubles and rupees, which increases costs and slows down processes.
The transition to direct settlements between national currencies could reduce money transfer fees by 20-30%. Experts estimate that such integration will open up new opportunities for trade and investment, strengthen economic ties, and make interactions more transparent and efficient. Implementation of these initiatives is expected to accelerate in the near future, contributing to a deeper partnership between Moscow and Delhi.
As of December 2025, cross-border transfers in Indian rupees will be possible via SWIFT, subject to current restrictions for Russian citizens. Alternative methods are also available, such as transfers through systems in “friendly” countries or using cryptocurrency. Please note that transfer limits from Russia to India may vary depending on the transfer method and bank, so it is recommended to verify the information before sending.
For example: Russia VTB bank does not process direct payments in rubles into Indian rupees. To send rupees, you must first convert the funds from rubles to rupees at a bank that supports cross-border transactions, and then transfer them to the recipient’s account in India.
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